I offer you the following two charts, each of which have supremely important Fibonacci retracements drawn on them (the red horizontal lines). There is the S&P 500 futures:
And the NASDAQ 100 futures:
As anyone can plainly see, these markets are mashed right up against these levels. This is a hair-pulling-from-scalp time for me, since the markets seem incredibly robust. The good news, for the time being at least, is that these crucial resistance levels are being respected.
I am maintaining 21 positions (puts from June 2023 all the way out to January 2025) and have over 10% cash waiting in the wings. Tuesday was a very tumultuous and, ultimately, disappointing day!
